Understanding The People’s Problems

“Their reasoning was that such a person is most likely uneducated or under-educated, and the prospect of him upgrading his employment status is zero. How then can he increase his income to the required level in 30- 40 years time when he is 70 and due to retire? Since he is using his entire CPF contributions for 30 years to pay for the flat, his CPF savings will be very low. It is doubtful if he can even get $300 per month for himself and his wife. Say he sells the flat — how much can you get for a flat with less than a 60 years lease. Don’t forget he still needs a roof over his head. These old fogies maybe senile, forgetful and generally may not be coherent all the time but they sure are not stupid when lucid,” Gary said.